Argentina’s central bank wants to license market makers to help stabilize its embattled peso currency when the Treasury starts newly announced dollar sales in April. The bank hopes the market makers, dealers who agree to buy and sell at set prices, would bolster liquidity in the exchange market to help avoid the sharp gyrations the peso has suffered in recent weeks when it hit a record low of 42.5 pesos per dollar in thin trading.2 comments
Argentina’s struggling currency hit a record low against the dollar on Thursday, weakening over 4% to close at 42.5 pesos per dollar, a challenge for President Mauricio Macri as he looks to right the economy ahead of elections in October.
Argentina's economic activity fell 2.6% in 2018 versus the previous year, government statistics agency Indec said on Wednesday, underscoring the turmoil that dragged the country into recession last year.
Italy's economy tipped into recession at the end of last year, according to latest figures. In the final three months of 2018, the economy shrank by 0.2%, following a 0.1% decline in the third quarter, the Istat statistics office said. Italian Prime Minister Giuseppe Conte said the contraction was likely to continue into 2019.
Wholesale prices in Argentina shot 73.5% higher in 2018, government data showed on Thursday, the fastest rate since 2002 when they climbed 118% during an economic crisis that tossed millions of middle-class Argentines into poverty.
Argentine President Mauricio Macri will hold talks with his new Brazilian counterpart Jair Bolsonaro on Wednesday likely to center on consolidating trade ties between South America's two biggest economies, officials said. Battling recession and seeking re-election this year, Macri needs to boost Buenos Aires's side of a steep trade imbalance with its main trading partner.
Argentina industrial production plummeted 13.3% in October 2018 after plunging 6.8% in the previous month. It was the seventh straight drop and the sharpest decline since June 2002, as all categories fell excluding tobacco (+1.5%) and basic metals (+4.1%).
Economic activity in Argentina fell 4.0% in October versus the same month last year, the government said on Thursday, marking the seventh straight month of declines as the country grapples with recession and high inflation.
The Argentine government announced on Thursday new increases in public transport rates, some 40% on average that will apply from next January to travel by bus, train and metro.
The Executive Board of the International Monetary Fund (IMF) completed on Wednesday the second review of Argentina’s economic performance under the 36-month Stand-By Arrangement (SBA) that was approved on June 20, 2018.